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Tax credits offered on ag building donations

Published by Fines on Tue, 12/26/2017 - 09:51

By:

Steve Smith SSMITH@LEBANONDAILYRECORD.COM

Anyone looking for a break on their taxes in 2017 might be interested in tax credits available for contributions to the new agriculture legacy building at the Laclede County Fairgrounds, according to Sam Lower, MU Extension Youth Development Specialist.

The building project was approved by the Lebanon City Council last spring and is now under construction. Funding for the project has always been led by the city of Lebanon, but also includes funding from Laclede County and contributions from the local community.

Missouri state tax credits were approved by the Missouri Development Finance Board (MDFB) in June. The contributor receives a 50 percent infrastructure Development Fund tax credit, Lower said. Contributions that are $1,000 or greater will be accepted up to $600,000 in total contributions will be accepted.

According to Lower, donations can be made this year or in the 2018 or 2019 calendar year. Contributions need to be submitted on Missouri Form 100 and postmarked before Dec. 31, 2017 to be claimed as a credit for the 2017 tax year.

In addition to the Missouri tax credit, it may be possible to use the credit as a federal deduction, Lower said. He said people will need to visit with their tax preparer to confirm this. Lower said the tax credits may also be carried forward for five years if not used in the current tax year.

For the complete article, see Saturday’s print edition of The Daily Record, or view the e-Editiononline.